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August 30, 2016

Shell to sell 100% interest in offshore blocks to EnVen Energy for $425m

Shell Offshore has signed an agreement to sell 100% of its interest in marine blocks to EnVen Energy in a $425m deal.

Shell Offshore has signed an agreement to sell 100% of its interest in marine blocks to EnVen Energy in a $425m deal.  

The Gulf of Mexico Green Canyon Blocks 114, 158, 202 and 248 to be sold are referred to as the Brutus/Glider assets.

Shell said that the latest move is in line with its global divestment plans. The transaction is slated for completion in October.

Assets include the Brutus Tension Leg Platform (TLP) and the Glider subsea production system, as well as the oil and gas lateral pipelines used to transport production from the TLP. 

"Over the next three years, Shell plans to sell around $30bn worth of assets to help pay for its acquisition of BG Group."

These assets have a combined production estimate of about 25,000boe/d at present.

Global deepwater operator Shell has a development pipeline and production on-stream in the Gulf of Mexico, Brazil, Nigeria, and Malaysia, in addition to exploration and appraisal opportunities. 

The company currently produces about 600,000boe/d and plans to increase production to more than 900,000boe/d by the early 2020s.

Over the next three years, Shell plans to sell around $30bn worth of assets to help pay for its acquisition of BG Group made in February.

Reuters reported Shell chief financial officer Simon Henry as saying in July that the company plans to sell $6bn to $8bn of assets this year. 

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